Are you suitable to start and manage a business?

Do you yearn for a day when you do not report to anyone?  Do you yearn for the day when you can start a business and run a business?

You are frustrated working for others.  You want to start a business.  You want to be an entrepreneur. 

You wonder if you are suitable to start and manage a business. 

Do be honest and ask yourself the following questions:

Is the desire to start a business a strong desire?  If you are, you should save hard, and try starting a business in your spare time.  When the desire is very strong, you will not be happy if you continue to work for others.

Do you dream of starting a business every day, even when you are drawing a high salary, and sitting comfortably in your office?  Most people dream of starting a business when they are not happy at work.  If you are happy at work, and drawing a high salary, yet you desire to start a business, this shows your desire to start and manage a business is very strong.

Are you a risk taker?  Many new businesses failed in the first year.  Many millionaires and billionaires failed in their first business attempts.  You have to take risk, and accept that failure is part of the learning curve.  You have to accept that starting a business means increasing the probability of losing entire capital.

Are you willing to work long hours, and over the weekends to kick start your business?  New business needs time and attention from the founder.  You have to establish system.  You have to recruit talents.  You have to manage your people.  You have to manage the finance.  You have to do practically everything when you start your business.

Do you need guidance from your superior to do a good job?  Starting a business on your own is difficult.  You have to make cold calls.  You have to take the initiative to do everything. 

You do not have Key Performance Indicators to serve as your targets.  There is no standard operating procedure to guide you in your work.  There is no boss to tell you what to do.  You have to exercise self-control to build up your business.  You cannot switch on the TV as and when you like.  You should not engage in computer games to pass the time away.

Do you have a business plan in mind?  Do you know of any business that suits you?  You should not start a business in an industry that you know nothing about.  You cannot start a business that does not make use of your experience and skills.  You have to find a niche business that you can comfortably handle.

Do you want to start a new business or buy an existing one?  Buying an existing business is expensive.  You have to hire accountants and lawyers to do the due diligence.  You have to know the real reason for the owner to sell the business.  The owner is not likely to put a booming business with a potential for quick expansion for sale.

If you intend to buy an ailing business, are you able to turn the business into a profitable company?  If you have the money to buy an existing business, and have extensive knowledge and experience in the industry, buying an existing business is an attractive option.  Do not forget that billionaire investor Warren Buffet bought the textile company and turned it into a successful investment holding company.

You have to keep aside a year savings for your living expenses.  You cannot reasonably expect a business to make you millions in the first year of operation.  You have to rely on your savings to support your family.

Are you suitable to start and manage a business?  If you are, go ahead, make the business boom, turn it into a multinational company, and enjoy the fruitage of your labor.